4 Tips to Offer Benefit Options That Employees Want

Economic changes and rising health care costs are on the minds of employers and employees these days. Employers know that benefits are increasingly important for retaining and recruiting talented workers. But they are worried about how to stretch their benefits budgets to cover ever-increasing costs. And workers are concerned about paying for doctor office co-pays or unexpected medical bills, not to mention their health benefits premiums. Review four tips to offer benefit options that employees want.

1. Focus on employee needs

Many employers design employee benefits packages with plans they think employees want. This may include a lot of trendy coverage options, which may not meet workers’ needs.

Instead of offering a range of different benefits, leading to higher budget costs, ask employees what they want. Meet with your insurance broker and carrier to design an employee benefits survey to understand employee concerns and needs. Ask them to prioritize benefit options and identify the monthly premiums they can afford.

Review survey responses and develop a package with health benefits, such as medical, dental and vision, at different coverage levels that fit employee needs and budgets at every job level. Taking these steps will help you offer the right mix of quality benefits that employees want.

2. Assist with financial needs

In addition to health benefits, employees appreciate options that help them manage their finances. Providing financial wellness benefits can engage employees with their work and your business. Since many employees of all ages have student loans, offer repayment assistance to help them pay off debts more quickly. Workers also want help saving for future needs. Popular benefits include health savings accounts, 401(k) retirement plans, and financial planning and budgeting.

3. Provide fulfillment and flexibility

Employees today want to balance their work and life needs. Whether working a hybrid or remote schedule, employees want benefits that help them take care of their families and their personal needs while completing their job responsibilities. They appreciate flexible vacation schedules to get away as needed. These breaks help keep employees rested and refreshed.

4. Support professional growth

Employees are looking for education benefits that help them improve their knowledge and skills. Many want to contribute more to the success of their employer. And they want to grow into different jobs and take on more job responsibilities.

Offer tuition assistance programs and continuous learning experiences to support workers’ professional development needs. Employees appreciate employers who invest in expanding their skills and knowledge. And they tend to stay on the job.

Employers invest a substantial portion of their operating budget on benefits to keep employees and their families healthy. But often, workers struggle to understand their coverage options. Learn four tips to help employees use their benefits.

Sources and References:

Employee Benefit News
Flex Jobs